Gillette India's quarterly profit surges on strong demand for grooming products
Shares of the company climbed nearly 10% after the results.
The Procter & Gamble (PG.N), opens new tab-owned company, known for its razors and shaving creams, reported 1.59 billion rupees ($18.7 million) in profit for the quarter ended March 31, compared with 991 million rupees a year earlier.
The firm continues to see strong demand for its new products and designs, including its multi-blade systems and gel shaving creams.
India's rural consumer demand, lifted by good harvests and state support, has become a bright spot for consumer companies, helping the sector partially counter a sales slowdown in urban areas, where demand remains under pressure from rising costs of living.
Revenue from Gillette India's core grooming segment, which produces razors and accounts for more than 80% of its total revenue, jumped 15.6% to 6.45 billion rupees in the reported quarter.
Sales in oral care, its smaller segment, were largely flat year-on-year.
The company has been ramping up its ad spend to stay competitive, with advertising and promotion expenses surging nearly 61% to drive a nearly 5% increase in total quarterly expenses.
($1 = 85.1190 Indian rupees)
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